Saturday, May 31, 2025

Latest

Celsius Looks At Selling US$23 Million In Stablecoin Holdings For Its Bankruptcy Process

Celsius Network filed on Thursday with the court holding its bankruptcy hearings a request to allow the sale of its stablecoin holdings in order to fund its operations, including its Chapter 11 case.

The firm aims to secure permission from the United States Bankruptcy Court Southern District Of New York to sell their current and any future stablecoins it may receive to satisfy a level of liquidity to address liability claims.

The New Jersey-based crypto platform recently wrapped up a bankruptcy court hearing. Afterwards, the firm relayed that it expects to start the claims process soon.

The request to liquidate its stablecoin holdings will be heard on the next court appointment set for October 6 and 7.

When the firm filed its Chapter 11 bankruptcy case, one of the immediate actions it took was to clean out all its outstanding stablecoin debt. These last-minute transactions freed up most of the firm’s stablecoin holdings that were tied to the said debts as collateral.

Celsius is said to currently own 11 different forms of stablecoin, for a total of about US$23 million.


Information for this briefing was found via Reuters and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

How To Profit From $3300 Gold? An Inside Look At A Massive 300,000 Oz Project | Martino De Ciccio

We’re At The Start of a Great Silver Boom | Ross McElroy & Andy Bowering – Apollo Silver Corp

Equinox Gold Q1 Earnings: When Everything Goes Wrong

Recommended

ESGold Begins Concentration Tests Ahead Of First Production

Sterling Metals Hits 0.21% Copper Over 482.8 Metres In First Drilling At Soo Copper project

Related News

Mashinsky: The Last Time You’re Going To Get Bitcoin At These Prices – The Daily Dive

We welcome to the Daily Dive for the first time Alex Mashinsky, the founder and...

Wednesday, September 29, 2021, 01:30:00 PM

Crypto Contagion Explained: Who FTX is Taking Down With Them

How bad is the crypto world about to get?  Well, if you haven’t been paying...

Sunday, November 20, 2022, 01:30:00 PM

Northvolt’s Bankruptcy Filing Threatens Europe’s EV Revolution

Northvolt AB, the Swedish battery manufacturer once seen as Europe’s strongest contender in the global...

Thursday, November 21, 2024, 03:04:00 PM

Gold’s Gym Files for Bankruptcy Protection Due to Coronavirus Pandemic

As the coronavirus pandemic began to infiltrate the US population, many businesses and services were...

Tuesday, May 5, 2020, 10:14:14 AM

Fed Tightens Rules On Banks Dealing With Stablecoin Payments As Paypal Launches Its Own Coin

The Federal Reserve, in a significant move aimed at shaping the landscape of digital payment...

Friday, August 11, 2023, 11:39:00 AM